WASHINGTON–Two members of the House said today they will introduce revised legislation that would lead to creation of a federal office of insurance regulation.
Rep. Melissa Bean, D-Ill., and Rep. Ed Royce, R-Calif., chief sponsors of the measure, said the bill would be different from prior drafts because it would call for tough protections for consumers and would work in concert with a system-wide regulator for financial services that is being discussed in Congress and by the Obama administration.
They said the legislation would be introduced after the President's Day recess.
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